Use the financial statements below to determine the CFO, CFF and CFI for the current year.

Income Statement (current year)

Sales

$7,035,600

Cost of goods sold

5,800,000

Depreciation

120,000

Other expenses

612,960

EBIT

$502,640

Interest expense

80,000

EBT

$422,640

Taxes (40%)

169,056

Net income

$253,584

Retained Earnings

$198,584

Dividends

$55,000

Balance Sheet

Last year

Current year

Last year

Current year

Liabilities and Equity

Cash

$7,282

$14,000

Accounts payable

$324,000

$359,800

Accounts receivable

652,160

$949,632

Notes payable

720,000

$300,000

Inventories

1,287,360

$1,716,480

Accruals

284,960

$380,000

Total current assets

$1,946,802

$2,680,112

Total current liabilities

$1,328,960

$1,039,800

Gross fixed assets

1,202,950

$1,220,000

Long-term debt

1,000,000

$500,000

Less: Accumulated depreciation

263,160

$383,160

Net fixed assets

$939,790

$836,840

Common stock (100,000 shares)

460,000

$1,680,936

Retained earnings

97,632

$296,216

Total equity

$557,632

$1,977,152

Total assets

$2,886,592

$3,516,952

Total liabilities and equity

$2,886,592

$3,516,952

Use the financial statements below to determine the CFO, CFF and CFI for the current year.

Income Statement (current year)
Sales	$7,035,600
Cost of goods sold	5,800,000
Depreciation	120,000
Other expenses	612,960
EBIT	$502,640
Interest expense	80,000
EBT	$422,640
Taxes (40%)	169,056
Net income	$253,584
Retained Earnings	$198,584
Dividends	$55,000
Balance Sheet	Last year	Current year			Last year	Current year
				Liabilities and Equity
Cash	$7,282	$14,000		Accounts payable	$324,000	$359,800
Accounts receivable	652,160	$949,632		Notes payable	720,000	$300,000
Inventories	1,287,360	$1,716,480		Accruals	284,960	$380,000
Total current assets	$1,946,802	$2,680,112		Total current liabilities	$1,328,960	$1,039,800
Gross fixed assets	1,202,950	$1,220,000		Long-term debt	1,000,000	$500,000
Less: Accumulated depreciation	263,160	$383,160
Net fixed assets	$939,790	$836,840		Common stock (100,000 shares)	460,000	$1,680,936
				Retained earnings	97,632	$296,216
				Total equity	$557,632	$1,977,152
Total assets	$2,886,592	$3,516,952		Total liabilities and equity	$2,886,592	$3,516,952